MarketAxess Announces Monthly Volume Statistics for December and Fourth Quarter 2023

About this update from Marketaxess Holdings, Inc.

[{"type":"text","content":"\nRecord 4Q23 Portfolio Trading Volume, Up 36%; Record $33.4 Billion in Municipal Bonds Trading Volume\n\n\n NEW YORK--(BUSINESS WIRE)--\nMarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced monthly trading volume and preliminary variable transaction fees per million (“FPM”) for the fourth quarter ended December 31, 2023.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“In the fourth quarter of 2023, total credit ADV increased approximately 9% compared to the prior year and increased 18% from 3Q23 levels, which benefited from record portfolio trading and record municipal bond trading volume. Client engagement with MarketAxess X-Pro, our unique proprietary data products and our automated solutions continues to build, and we believe that the strong market volumes in 4Q23 reflect an improving market backdrop as we begin 2024.”\n\n\nSelect 4Q23 highlights*\n\n\n\nTotal credit average daily trading volume (“ADV”) of $13.1 billion, up 8.9% versus the prior year, and up 17.5% versus 3Q23 levels.\n\n\n\nU.S. high-grade ADV of $6.2 billion, up 13.3% from the prior year, and up 20.0% versus 3Q23. Estimated market share of 20.9%, down slightly from 21.1% in the prior year, and up from 20.0% in 3Q23. U.S. high-grade estimated market ADV increased 13.9%, compared to the prior year, and was up 14.7% versus 3Q23.\n\n\n\nU.S. high-yield ADV of $1.7 billion, down 8.4% compared to the prior year, but up 27.8% from 3Q23 levels. Estimated market share of 17.2%, down from 20.5% in the prior year, but up from 16.1% in 3Q23. U.S. high-yield estimated market ADV increased 9.0% versus the prior year, and increased 19.4% compared to 3Q23. The decrease in U.S. high-yield estimated market share year-over-year was driven principally by an estimated 18.6% decrease in ETF market maker activity on the platform.\n\n\n\nEmerging markets ADV of $2.9 billion, up 9.8% from the prior year, and up 4.6% from 3Q23 levels. The year-over-year increase was principally due to a 25.6% increase in local currency trading ADV. Emerging markets estimated market ADV increased 12.1%, compared to the prior year, and increased 4.2% compared to 3Q23.2\n\n\n\nEurobonds ADV of $1.8 billion, up 12.6% from the prior year, and up 19.1% from 3Q23.\n\n\n\nRecord municipal bond ADV of $539 mil...

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